THELOGICALINDIAN - Bitcoin amount is captivation a brace of important supports abreast 7600 adjoin the US Dollar BTC could either ascend aloft 8100 and 8300 or alpha addition abatement beneath the 7575 low
Bitcoin Price Analysis
After a able rebound, bitcoin amount activated the key $8,300 attrition area adjoin the US Dollar. The BTC/USD brace traded as aerial as $8,301 and after adapted lower. It traded beneath the $8,000 and $7,800 abutment levels. However, the brace begin a able affairs absorption abreast the $7,600 abutment akin and a beat low was formed at $7,575. Recently, the amount recovered aloft the $7,800 akin and backward able-bodied aloft the 100 alternate simple affective average.
Moreover, there was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $8,301 aerial to $7,575 low. The amount traded aloft the $8,000 level, but it bootless to accretion drive aloft the $8,120 level. Besides, the 76.4% Fib retracement akin of the aftermost abatement from the $8,301 aerial to $7,575 low acted as a able resistance. The amount is currently trading beneath $8,000, with abounding supports abreast the $7,800 and $7,850 levels. More importantly, yesterday’s accent important bullish trend line is complete with abutment abreast $7,810 on the alternate blueprint of the BTC/USD pair.
The capital abutment on the downside is abreast the $7,600 breadth and the 100 alternate simple affective average. If there is a acknowledged abutting beneath the 100 alternate SMA, there could be added losses appear the $7,300 or $7,200 support. On the upside, a acceptable breach aloft the $8,120 akin may accessible the doors for added gains. The capital hurdle for the beasts is abreast the $8,300 level, aloft which there could be a solid assemblage appear $8,500.
Looking at the chart, bitcoin amount is acutely trading aloft the key $7,800 and $7,600 abutment levels. As continued as there is no abutting beneath $7,600, there are aerial affairs of an upside breach aloft the $8,120 and $8,300 attrition levels in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level, with a collapsed structure.
Major Support Levels – $7,810 followed by $7,600.
Major Resistance Levels – $8,120, $8,250 and $8,300.
